During first half of 2011 Odfjell and our partner National Chemical Carriers Ltd. Co. (NCC) of Saudi Arabia will bring four newbuildings into our joint coated pool.

Odfjell has entered into an agreement with SLS Shipbuilding Co Ltd, Korea, to acquire two coated 44,000 dwt IMO II parcel tankers. The agreed price per vessel is about USD 42 million. The vessels are scheduled for delivery February and April 2011. We have obtained long term bank financing of the vessels. They have 29 tanks, some are epoxy and some zinc coated and a total cargo capacity of 48,700 cbm.

Furthermore, NCC will bring two newbuildings into the joint pool as they will acquire two coated 45,000 Dwt IMO II parcel tankers, also from SLS. These vessels have a cargo capacity of 54,400 cbm, comprising 22 zinc/epoxy coated tanks and 20 full segregations.